SAN FRANCISCO–(BUSINESS WIRE)–#InvestmentFraud–The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that securities fraud class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN) between September 2, 2016 and August 13, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Myriad during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 26, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Myriad investors may contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358 to learn more about the litigation and how to seek appointment as lead plaintiff.
Background on the Myriad Securities Class Litigation
Myriad, incorporated and headquartered in Salt Lake City, Utah, is a molecular diagnostic company that develops and markets predictive, personalized, and prognostic medicine tests. Myriad offers, among other products, GeneSight, a DNA genotyping test to aid psychotropic drug selection for depressed patients, and Foresight, a test for future parents to assess their risk of passing on a recessive genetic condition to their offspring.
The action alleges that during the Class Period, Myriad misrepresented and failed to disclose that: (1) GeneSight lacked sufficient evidence or information to support the tests in their current form and their purported benefits; (2) the U.S. Food and Drug Administration (“FDA”) had requested that Myriad make changes to GeneSight and questioned the validity of the test’s purported benefits; (3) the Company had been in discussions with the FDA regarding the changes to GeneSight that the agency requested; and (4) Myriad’s acquisition of Counsyl, Inc. and its product Foresight had caused the Company to risk receiving lower reimbursement for its expanded carrier screening tests, which could potentially, and did in fact result in a material negative impact on Myriad’s revenue.
On August 13, 2019, Myriad revealed that the FDA requested changes to the GeneSight test offering and that the Company has “been in ongoing discussions with the FDA regarding its request.” In addition, Myriad disclosed that the FDA had questioned whether the validity of GeneSight’s purported benefits had been established and that the agency had increasingly questioned the claims of marketed genetics tests such as GeneSight since at least late 2018. On this news, the price of Myriad common stock fell $19.05 per share, or 42.76%, from a closing price of on $44.55 on August 13, 2019, to close at $25.50 per share on August 14, 2019, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP